Microsoft showcases blockchain technologies at Future Blockchain Summit
Partners Avanza Solutions and Docswallet Digital Locker demonstrate blockchain solutions hosted on the Azure Cloud.
Microsoft has showcased the ‘Azure IoT Blockchain solution’ for the supply chain industry at the Future Blockchain Summit in Dubai.
Blockchain, used in combination with sensor technologies such as IoT and RFID, can help in tracking and enforcing compliance of transactions through greater visibility into complex supply chains. IoT devices can also keep track of temperature and humidity and even potentially track location while transporting goods to ensure compliance standards of transporting those goods are met.
Microsoft also demonstrated a ‘Know your Customer’ (KYC) tool, focused towards the financial services sector, which enables banks and institutions to gain more control over their customer data. Using blockchain as a foundational architecture for identity applications allows banks to provide people with digitally-stored identity via an app. Rather than centrally storing that information on the device, at the premise, or even centrally in the cloud, blockchain allows that information to be replicated across the chain and therefore backed up, immutably across the network and more importantly, not in a central repository.
Necip Ozyucel, cloud & enterprise business group lead at Microsoft Gulf said Blockchain has the potential to significantly transform markets and industries, from banking to government to healthcare and more. “At Microsoft, we are on the forefront of this transformation, as we continue lead the way in this next era of computing and advancing the enterprise readiness of blockchain. Our ambition is to provide open blockchain platforms and services that speed adoption, and drive real business, economic and social value to the world,” Ozyucel added.
At the launch of UAE Blockchain strategy 2021 last month, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said that the adoption of blockchain would help the government prepare for future challenges and contribute to saving AED11 billion spent annually on document transactions and documents, 77 million hours of work, reduce government documents by 389 million, and save 1.6 billion kilometres spent driving.
Microsoft partners, Avanza Solutions and Docswallet Digital Locker also participated at the Future Blockchain summit and demonstrated their blockchain solutions hosted on the Microsoft Azure Cloud.
‘Docswallet Digital Locker enables users to get digitally certified copies of documents in Blockchain from their official sources, store and organise them in a locker, and submit them as required. Docswallet’s ‘Digitally certified documents on blockchain’ seeks to protect not only the privacy of users, but also strengthen the integrity of the document authentication process.
Avanza demonstrated ‘Cipher’, a Blockchain orchestration platform, now available on Microsoft Azure. Cipher gives customers access to a Blockchain orchestration layer on the cloud allowing organisations to port their use case on to a series of global Blockchain platforms.